topic Re: Easy-Peasy AMEX Personal Loan in Personal Finance

Easy-Peasy AMEX Personal Loan

GreatLife — Sat, 24 Feb 2024 19:08:38 GMT

Already have an 87% paid off Amex PL and a $0 balance BCE. Yesterday around 6PM accepted a new PL offer to pay off my only card not on a zero interest promo. Selected loan reason "Other". Immediate approval, received an email and signed the agreement within 10 minutes, woke up at 6AM to the funds in my checking account. Amex double soft pulled EX Fico 8 via AMEX & American Express, both pulls show the same business address. Just FYI on the process.

Re: Easy-Peasy AMEX Personal Loan

CorpCrMgr1 — Sat, 24 Feb 2024 20:41:12 GMT

Congratulations on your loan approval!

Re: Easy-Peasy AMEX Personal Loan

Blender — Sat, 24 Feb 2024 21:59:14 GMT

Any DPs on scores and amount?

Re: Easy-Peasy AMEX Personal Loan

GreatLife — Sat, 24 Feb 2024 22:47:31 GMT

733 EX8, $3500@36 mos

The preapproval offered $3500-$39,000, 12/24/36 months, 13.49. Not the best rate but better than the 27.49 APR card that I'm paying off. I took the lowest amount & longest term since only need $2700 and there's no prepayment penalty.

Spouse's Amex offer is $3500-$30K for 12/24/36/48 months, 9.98, EX8 768

Re: Easy-Peasy AMEX Personal Loan

LakeLife — Mon, 26 Feb 2024 16:31:53 GMT

Just curious if this will this count as a CFA loan.

Re: Easy-Peasy AMEX Personal Loan

cashorcharge — Mon, 26 Feb 2024 22:18:21 GMT

WooHoo!! Congratulations on your Approval!!👏🏼🍾🥂

Re: Easy-Peasy AMEX Personal Loan

GreatLife — Tue, 27 Feb 2024 21:45:38 GMT

@LakeLife wrote:
Just curious if this will this count as a CFA loan.

No it will not count as a CFA. My existing AMEX loan appears on all CR's as "Unsecured Loan".

Re: Easy-Peasy AMEX Personal Loan

LakeLife — Wed, 28 Feb 2024 12:43:20 GMT

@GreatLife wrote:
@LakeLife wrote:
Just curious if this will this count as a CFA loan.
No it will not count as a CFA. My existing AMEX loan appears on all CR's as "Unsecured Loan".

Thanks!

Re: Easy-Peasy AMEX Personal Loan

Wavester64 — Sun, 31 Aug 2025 13:14:30 GMT

@GreatLife wrote:
733 EX8, $3500@36 mos
The preapproval offered $3500-$39,000, 12/24/36 months, 13.49. Not the best rate but better than the 27.49 APR card that I'm paying off. I took the lowest amount & longest term since only need $2700 and there's no prepayment penalty.
Spouse's Amex offer is $3500-$30K for 12/24/36/48 months, 9.98, EX8 768

I understand about the pre-payment penalty, but what about the interest? If I take out a loan for say 24 months instead of 12, there will be more interest on that 24 because of the legnth of time. But if I pay that same loan off in say 6-months, what about that interest for the additional 18 months that I didn't have the loan out for? Or does paying it off in 6-months already include that 18-months interest?